PIL - bseindia.com · PUSHPSONS INDUSTRIES LIMITED 3 NOTICE Notice is hereby given that 16th Annual General Meeting of the members of Pushpsons Industries Limited will be held on

16th ANNUAL REPORT2009-2010

PIL

PUSHPSONS INDUSTRIES LIMITED

ISO 9001:2008 CERTIFIED ORGANISATION


2

COMPANY INFORMATION

BOARD OF DIRECTORSDr. M. R. Jain Chairman & Managing DirectorShri Pankaj Jain Executive DirectorShri Dinesh Jain Wholetime DirectorShri R. N. Bansal DirectorShri Vikram Prakash DirectorShri S. B. L. Jain Director

AUDITORSR. Verma & AssociatesChartered AccountantsG-53, Sarita Vihar,New Delhi-110076

BANKERSIndian Overseas Bank

REGISTERED OFFICEB-40, Okhla Industrial Area, Phase-I,New Delhi-110020

FACTORYPlot No. 1, Kasna Road,Surajpur By-pass Industrial Area,Distt. Gautam Budh Nagar,Greater Noida-201306 (U.P)

SHARE TRANSFER AGENTBeetel Financial & Computer Services Private LimitedBeetal House, 3rd Floor, 99, Madangir,Behind Local Shopping Centre,Near Dada Harsukhdas Mandir, New Delhi-110062Tel. : 29961281-82 Fax : 29961284


3

NOTICE

Notice is hereby given that 16th Annual General Meeting of the members of Pushpsons Industries Limitedwill be held on Wednesday the August 04th 2010 at 10.00 A.M. at 439, Village Shahoorpur, P.O. FatehpurBeri, New Delhi-110074, to transact the following business :

ORDINARY BUSINESS

1. To consider and adopt the Balance Sheet as at March 31st 2010 and Profit and Loss Account for theyear ended on that date and report of Board of Directors and Auditors thereon.

2. To appoint a Director in place of Shri Dinesh Jain, who retires by rotation and being eligible, offershimself for re-appointment.

3. To appoint a Director in place of Shri S.B.L. Jain, who retires by rotation and being eligible, offershimself for re-appointment.

4. To appoint Auditors and fix their remuneration from the conclusion of this Annual General Meeting untilthe conclusion of next Annual General Meeting.

For and on behalf of the Board

Sd/-New Delhi Pankaj JainMay 22nd, 2010 Director

NOTES:

A. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTENDAND VOTE INSTEAD OF HIMSELF AND PROXY NEED NOT BE A MEMBER. Proxies, in order tobe effective, should be duly stamped, completed & signed and must be received at the RegisteredOffice of the company not less than forty eight-hours before the commencement of the Annual GeneralMeeting.

B. The Register of Members and Share Transfer Books of the Company will remain closed from Thursdaythe 29th July, 2010 to Wednesday 04thAugust, 2010 (both days inclusive).

C. Members/Proxies are requested to produce at the entrance of the meeting hall, the attached attendanceslip duly completed & signed for attending the meeting.

D. Members are requested to bring their copy of Annual Report to the Meeting, as the same will not bedistributed at the time of the Meeting.

E. Members are requested to notify immediately any change in their Registered Address or mattersrelating to Share Transfers etc., either at the Company’s Registered Office or to the Company’s ShareTransfer Agent.


4

F. Members seeking any information about the Annual Accounts are required to write to the company atleast one week in advance so as to enable the management to keep the desired information ready atthe time of Annual General Meeting.

G. Members holding Shares in the Company singly or jointly may nominate an individual to whom all therights in the Shares of the Company shall vest in the event death of sole/all Joint Shareholders.

H. Additional information on Directors seeking re-appointment at the ensuing Annual General Meeting.

Name of Directors Shri Dinesh Jain Shri S.B.L. Jain

Date of Appointment 30.06.1994 18.10.2003

Qualification, Expertisein Specific Functional Area

List of Directorship* — 1. Modern Insulators Ltd.2. Modern Threads (India) Ltd.

Shareholding in the Company 25.18% Nil

*Directorship of private companies excluded.

Mr. Dinesh Jain is member of theInstitute of Chartered Accountantsof India and since 1990 is workingas a promoter director / partner andis looking after Finance, Purchaseand export. He has widely travelledto Europe, Japan Thailand,Hongkong, USA in connection withthe business.

Mr. S.B.L. Jain is Bachelor ofEngineering from RajasthanUniversity and Inter science fromRajasthan University. Fellowmember of Institute of Engineers(India).


5

DIRECTOR'S REPORT

Dear Members,

Your Directors have pleasure in presenting the 16th Annual Report together with the audited Statements ofAccounts for the year ended March 31st 2010.

FINANCIAL RESULTS

Amount in Rs.For the year ended For the year ended

31.03.2010 31.03.2009

Sales & Other Income 3,95,65,112 3,68,73,017

Profit before interest and depreciation 46,90,843 51,62,028

Financial Expenses 1,37,538 1,15,567

Depreciation 13,82,192 58,34,772

Profit (Loss) after Depreciation before Exceptional Items 45,97,266 4,40,000

Loss on disposal / write off of assets 14,26,153 3,48,311

Public Issue Expenses Written Off 32,30,269 —

Fringe Benefit Tax — 16,710

Loss during the year 59,156 8,05,021

OPERATIONS AND FUTURE PROSPECTS

During the year under review the company has achieved sales of Rs.346.93 Lacs as against Rs. 336.91Lacs in the previous year.

DIVIDEND

In view of the loss no dividend has been declares during the year.

MANAGEMENT DISCUSSION AND ANALYSIS

(a) Industry Structure and Development

Your company is engaged in the manufacturing of textiles made-ups and is directly linked with theperformance of the textiles industry.


6

(b) Opportunity and Threats

Global buyers have begun looking at India for quality supplies at lower costs. Your company is doingregular efforts for cost reduction and to improve the efficiency and productivity.

(c) Outlook

The company hopes to be benefited from their continuous efforts and expects an increase in demandin the Indian and Exports markets.

(d) Risks and Concern

The company has to meet the stiff competition, exchange rate fluctuation, uncertain customer schedules,aggressive pricing strategy of competitors and changing technology.

(e) Internal Control and their Adequacy

Your company possesses strong internal control system to ensure that all the assets are safeguardedand protected against unauthorized use or disposition and that transactions are authorized, recordedand reported correctly.

(f) Human Resources/Industrial Relations

It is the company’s belief that Human Resources is the driving force towards progress and success ofa Company. The company seeks to motivate and retain its professionals by offering reasonablecompensation and opportunity to grow in the organization. The total permanent employee’s strengthwas Nineteen (no.19) as on 31st March, 2010. The Industrial relations remained cordial during the year.

DIRECTORS

Shri Dinesh Jain and Shri S.B.L. Jain, Directors of the Company retire by rotation at the ensuing AnnualGeneral Meeting and being eligible, offer themselves for reappointment.

AUDITORS

M/s. R. Verma & Associates, Chartered Accountants, Statutory Auditors of the Company retire at theconclusion of the ensuing Annual General Meeting, and being eligible, offer themselves for re-appointmentof the company as a statutory auditor.

CORPORATE GOVERNANCE

Your Company has always strived to comply with the appropriate standards for good corporate governanceand It has taken adequate steps to ensure that all mandatory provisions of Corporate Governance asprescribed under the Listing Agreements with Stock Exchanges are complied with.

A separate report on Corporate Governance along with a Certificate of Compliance from the Auditors, formpart of this Report.


7

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:

1. in the preparation of the annual accounts, the applicable accounting standards have been followed andthat there are no material departures;

2. they had selected such accounting policies and applied them consistently and made judgments andestimates that are reasonable and prudent so as to give a true and fair view of the state of the affairsof the Company at the end of the financial year and of the loss of the Company for the year ended 31stMarch, 2010;

3. they had taken proper and sufficient care for the maintenance of adequate accounting records inaccordance with the provisions of the Company Act, 1956 for safeguarding the assets of the Companyand for preventing and detecting fraud and other irregularities;

4. they had prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES

Particulars of employees in receipt of the remuneration in excess of the amount specified in Section 217 (2A)of the Companies Act, 1956 read with Companies (Particulars of Employees Rules, 1975) as amended fromtime to time do not apply to the Company as there was no employee in receipt of remuneration in excessof specified amount during the year.

FIXED DEPOSITS

The Company has not accepted any deposits from public during the year.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING ANDOUTGO

Information under section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure ofparticulars in the Report of Board of Directors) Rules, 1988 is given below:

A. CONSERVATION OF ENERGY

The Company continues its policy of giving priority to energy conservation measures including regularreview of energy generation and consumption and effective control on utilization of energy.

During the year under report, Company has consumed 126856 (Previous Year 114506) units of power (KWH).

B. TECHNOLOGY ABSORPTION

Your Directors are of the opinion that the company has already opted for latest technology for producingCarpets, Durries and made-ups. Hence information specified in Form B is not applicable.


8

C. FOREIGN EXCHANGE EARNINGS & OUTGO:

Particulars Current Year Previous Year(Rs. in Lacs) (Rs in Lacs)

1. Foreign Exchange EarningsExports on FOB basis 320.88 317.92

2. Foreign Exchange outgo Nil 1.56

ACKNOWLEDGEMENTS

Your directors wish to place on record its sincere appreciation for wholehearted timely support and contributionprovided by your Company’s Bankers Indian Overseas Bank and all the vendors and dedication andcommitment of the employees at all levels.

Your directors also take this opportunity to thank all the valued customers who have appreciated ourproducts and patronized them.

Your directors convey their grateful thanks to the Government Authorities (Central & State), BusinessAssociates & Shareholders, for their continued assistance, co-operation and patronage given by them

For and on Behalf of the Board

Sd/-New Delhi Dr. M. R. Jain22nd May, 2010 Chairman & Managing Director


9

CORPORATE GOVERNANCE REPORT

1. Company’s philosophy on Code of Governance

Corporate Governance assumes a great deal of importance in the business life of Pushpsons IndustriesLimited. Your Company believes that the Corporate Governance is a powerful medium to serve thelong-term interest of all the shareholders. Your Company is committed to the concept and philosophyof Corporate Governance as a means of effective internal control, highest level of transparency,professionalism and accountability in all areas of its operation for enhancing customer satisfaction andshareholder value.

2. Board of Directors

The Board of Directors comprises a Managing Director, 1 Executive Director, 1 Whole Time Directorand 3 Non Executive Independent Directors.

The brief particulars of all the Directors are given below:

DR. M. R. Jain

Dr. M. R. Jain is M. Sc. From Pilani (Rajasthan) securing 1st position in the University and receivedGold Medal. He is PHD in Highpolymer from Canada and completed in record period of 26 Months. Heworked with D C M, J. K. Synthetics Ltd. & Chief Executive of Modipon Ltd. He is well known to allleading Technology and Equipment suppliers like Dupont, British Nylon Spinner, Lurgi, Zimmer, Barmag,Inventa, Scragg, Teijin, Korea Nylon BP etc. and travelled Western Europe, Eastern Europe, Canada,North African Countries, South Asia etc.

Dr. M. R. Jain was honoured with Rashtriya Udyog Award for outstanding services, achievements andcontribution in Textile Industry. The Award was given by Former President of India Shri R. Venktaramanin August 1993.

Names of other Indian public limited companies in which Dr. M. R. Jain is Director or the Chairman /Member of Committee(s):

S.No. Name of the Company

1. Indian Toners & Developers Limited

Mr. Pankaj Jain

Mr Pankaj Jain is Mechanical Engineering from IIT Delhi. Since 1985 he has been running businessas a Promoter Director / Partner and looking after marketing, production and export. He has widelytravelled to Europe, Japan Thailand, Hongkong, USA in connection with the business. He is not aDirector in any other public limited company.


10

Mr. Dinesh Jain

Mr. Dinesh Jain is member of the Institute of Chartered Accountants of India and since 1990 is workingas a promoter director / partner and is looking after Finance, Purchase and Export. He has widelytravelled to Europe, Japan Thailand, Hongkong, USA in connection with the business. He is not aDirector in any other public limited company.

Mr. Ram Nath Bansal

Mr. R. N. Bansal is M. A. (Economics) and a Fellow member of the Institute of Chartered Accountantsof India since 1954 and an Associate member of the Institute of Company Secretaries of India. He isan eminent professional and is on the Boards of many renowned companies. He has also served theDepartment of Company Affairs in various capacities viz., Registrar of Companies, Regional Directorand retired as Member, Company Law Board. He was Director (Investment) and Additional Controllerof Capital Issues in the Ministry of Finance. He was also a nominee of the Central Government on theCentral Council of Institute of Chartered Accountants of India, Institute of Company Secretaries of Indiaand the Governing Boards of various Stock Exchanges.

Names of other Indian public limited companies in which Mr. R. N. Bansal is Director or the Chairman/ Member of Committee(s):

S.No. Name of the Company S.No. Name of the Company

1. Essar Shipping Ports & Logistics Ltd.* 5. Chambal Fertilizer & Chemiicals Limited*

2. Essar Logistics Limited 6. Vadinar Oil Terminal Limited*

3. Gobind Sugar Mills Limited* 7. The Hindoostan Spinning & WeavingMills Limited*

4. Orient Ceramics & Industries Limited*

* Also Chairman / Member of Audit Committee

Mr. Vikram Prakash

Mr. Vikram Prakash is B. Sc. Mechanical Engineer and a member of the Institution of Engineers, India(MEA). He has also served Chairman & Managing Director of the Projects & Equipment Corporationof India Ltd, New Delhi – a Government of India Undertaking and Spice Trading Corporation Ltd – aGovernment of India Undertaking. He was Director of HMT International, Bangalore - a Governmentof India Undertaking, Praga Tools, Hyderabad - a Government of India Undertaking, and HaryanaConcast Ltd. – a Haryana Government Undertaking. He was also the Advisor the Chairman of the IXAsian Games held in New Delhi in 1982.


11

Names of other Indian public limited companies in which Mr.Vikram Prakash is Director or the Chairman/ Member of Committee(s) :


1. E. C. E. Industries Limited 4. Noida Medicare Limited

2. Naihati Jute Mills Co. Limited 5. Deepak Spinners Limited

3. Indian Tonners & Developers Ltd.

Mr. S.B.L. Jain

Mr. S.B.L. Jain is Bachelor of Engineering from Rajasthan University and Inter science from RajasthanUniversity. Fellow member of Institute of Engineers (India)

Names of Indian public limited companies in which Mr.S. B. L. Jain is Director or the Chairman /Member of Committee(s):


1. Modern Insulators Limited 2. Modern Threads (India) Limited

The composition of the Board of Directors during the year ended 31st March, 2010 is as under :-

Name Category Attendance Attendance No. of Other Companiesof of Board Annual General Director- Committee CommitteeDirector Director Meeting Meeting ship Membership Chairmanship

Dr. M.R. Jain Managing 4 Present 01 01 —Director &Promoter

Shri Pankaj Jain Executive 4 Present — — —Director &Promoter

Shri Dinesh Jain Wholetime 3 — — — —Director &Promoter

Shri R.N. Bansal Non-Executive 4 Present 07 05 03IndependentDirector

Shri Vikram Non-Executive 3 — 05 — —Prakash Independent

DirectorShri S. B. L. Non-Executive 4 Present 02 02 —Jain Independent

Director

* Directorship in Private Limited Companies not considered.


12

Board Meetings and Attendance

The Corporate Governance policy requires the Board to meet at least 4 times in a year with a maximumgap of 4 months between any two meetings. During the year Four Board meetings were held on04.05.2009, 10.07.2009, 27.10.2009. & 25.01.2010.

3. Audit Committee

The Audit Committee comprises of three non-executive independent directors viz Mr. R.N. Bansal,Mr. Vikram Prakash and Shri Satya Bhushan Lal Jain and Mr. Pankaj Jain, Executive Director. All themembers of the audit committee have good knowledge of finance, accounts, Companies Act.

The Manager Finance acts as the secretary to the committee. The Statutory Auditors attend themeetings on the invitation of the Chairman.

During the year the Audit Committee held four meetings on 04.05.2009, 10.07.2009, 27.10.2009 &25.01.2010. The attendance during the year is as under :-

Members of the Audit Committee Meetings attended

Shri R.N. Bansal 4

Shri Vikram Prakash 3

Shri Satya Bhushan Lal Jain 4

Shri Pankaj Jain 4

The committee deals with accounting matters, financial reporting and internal controls. The committeeclosely review the adequacy of internal audit controls. It also monitors any proposed changes inaccounting policies, accounting implication of major transactions, etc.

4. Remuneration Committee

The Company has not constituted any Remuneration Committee as no remuneration is being paid toExecutive and Non-Executive Directors.

Sitting fees has been paid to Non-executive Directors the detail of which is as under :-

Director Sitting Fees (Rs)

Shri R.N. Bansal 8000

Shri Vikram Prakash 6000

Shri S.B.L Jain 8000

5. Shareholders/ Investor Grievance Committee

The Shareholders/Investor Grievance Committee comprises of three members viz Shri S.B.L. Jain, aNon-Executive and Independent Director and Shri Pankaj Jain – Executive Director and Shri DineshJain – Whole-time Director.

During the year no committee meeting was held as there was no matter for consideration.


13

6. Annual General Meetings

The Company held three Annual General Meetings as under :-

For the Year Venue Day and Date

2009 439, Village Shahoorpur, P. O. Fatehpur Beri, New Delhi-110074. 10th July, 20092008 439, Village Shahoorpur, P. O. Fatehpur Beri, New Delhi-110074. 28th August, 20082007 439, Village Shahoorpur, P. O. Fatehpur Beri, New Delhi-110074. 30th August, 2007

7. Disclosures

The company has disclosed in the Annual Accounts, the transactions if any entered with its Directors,Key Management Personnel, their relatives and other related parties. These transactions do not haveany potential conflict with the interest of the Company at large.

There was no instance of non-compliances by the company on any matter relating to the capital market.

8. Means of Communication

Quarterly results are published in one English daily newspaper (The Financial Express) and one Hindinewspaper (JanSatta). Since the quarterly results are published in newspapers the same are not sentto the shareholders of the company.

9. General Shareholders Information

1. Annual General Meeting

• Date and Time Wednesday the August 04th, 2010, 10.00 a.m.

• Venue 439, Village Shahoorpur, P. O. Fatehpur Beri, New Delhi-110074.

2. Financial Year 1st April to 31st March

3. Book Closure Date Thursday the July 29th, 2010 toWednesday the August 04th, 2010 (both days inclusive)

4. Dividend Payment Date None

5. Listing on Stock Exchanges The Bombay Stock Exchange Ltd. - Mumbai.

6. Stock code Stock Exchange Stock CodeThe Bombay Stock Exchange Ltd. 531562Mumbai

7. Market Price Data No Trading in Shares

8. Stock Performance No Trading in Shares

9. Registrar & Transfer Agents Beetal Financial & Computer Services Pvt. Ltd.Beetal House, 3rd Floor, 99, Madangir, New Delhi-110062

10. Share Transfer System All Share transfers received in physical form are processedand approved by the Share Transfer Committee which normallymeets generally on monthly basis depending on the volumeof transfers.


14

10. Distribution of shareholding as on March 31st 2010

No. of Equity No. of No. of %Shares held Shareholders Shares Held Shareholding

— Upto 500 79 27900 00.59501 — 1000 44 39300 00.851001 — 2000 7 14000 00.302001 — 3000 12 30300 00.653001 — 4000 6 24000 00.524001 — 5000 8 40000 00.865001 — 10000 5 45500 00.98

10001 and above 16 4429100 95.25

Total 177 4650100 100.00

11. Categories of Shareholding as on March 31st 2010

Category No. of Shareholders No. of Shares held % Share HoldingNRIs 4 6500 0.14Bodies Corporate 2 527500 11.34Directors & Relatives 16 3883900 82.50Resident individuals 155 232200 6.02

Total 177 4650100 100.00

12. Dematerialisation of shares and liquidity

The Company is in the process of signing agreement with both the depositories and yet toestablish the required connectivity with both the depositories.

13. Outstanding GDRs / ADRs / Warrants or any Convertible Instruments, conversion date andlikely impact on equity Not Applicable

14. Plant Locations Plot No. 1, Kasna Road, Surajpur By-pass Industrial AreaDistt. Gautam Budh Nagar, Greater Noida-201306 (U.P.)

15. Address for Correspondence Company’s Registrar & Share Transfer Agent :Beetal Financial & Computer Services Private Ltd.Beetal House, 3rd Floor, 99, Madangir, New Delhi-110062Tel. : (91) 011-29961281 / 282 Fax : (91) 011-29961284

OR

Company’s Registered Office :B-40, Okhla Industrial Area, Phase-I, New Delhi-110020.Tel. : (91) 011-2681 8631, 2681 8632Fax : (91) 011-2681 4918

For and on behalf of the board

Sd/-Place : New Delhi Dr. M. R. JainDate : 22nd May, 2010 Chairman & Managing Director


15

DECLARATION BY THE CEO UNDER CLAUSE 49 OF THE LISTING AGREEMENTADHERENCE TO THE CODE OF CONDUCT

In accordance with Clause 49 sub-clause I(D) of the Listing Agreement with the Stock Exchanges, I herebyconfirm that, all Directors and the Senior Management personnel of the Company have affirmed complianceto their respective Code of Conduct, as applicable to them for the Financial year ended 31st March, 2010.

For Pushpsons Industries Ltd.

Sd/-New Delhi Dr. M. R. JAIN22nd May, 2010 Chairman & Managing Director

AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE

The Members ofPushpsons Industries Limited,

We have examined the compliance of conditions of Corporate Governance by Pushpsons Industries Limitedfor the Year ended on 31st March, 2010 as stipulated in Clause 49 of the Listing Agreement of the saidCompany with Stock Exchanges.

The Compliance of condition of Corporate Governance is the responsibility of the management. Ourexamination was limited to procedures and implementation thereof, adopted by the Company for ensuringthe Compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression ofthe opinion on the financial statement of the Company. In our opinion and to the best of our information andaccording to the explanations given to us, we certify that the Company has complied with the conditions ofCorporate Governance as stipulated in the above mentioned Listing Agreement.

We state that in respect of investor grievances received during the year ended March 31, 2010, no investorgrievances pending for a period exceeding one month against the company as per the records maintainedby the company.

We further state such compliance is neither an assurance as to the future viability of the Company nor theefficiency or effectiveness with which the management has conducted the affairs of the Company.

For R. VERMA & ASSOCIATESChartered Accountants

Registration Number 08026N

Sd/-RAKESH VERMA

New Delhi Partner22nd May, 2010 Membership Number 83311


16

CFO / CEO CERTIFICATE

ToBoard of DirectorsPushpsons Industries Ltd.New Delhi

(a) We have reviewed the financial statement and the cash flow statement for the year ended 31st March,2010 and to the best of our knowledge and belief :

(i) these statements do not contain any materially untrue statement or omit any material fact orcontain statements that might be misleading;

(ii) these statements together present a true and fair view of the company’s affairs and are in compliancewith existing accounting standards, applicable laws and regulations.

(b) There are, to the best of their knowledge and belief, no transactions entered into by the company duringthe year that are fraudulent, illegal or violative of the company’s code of conduct.

(c) We accept responsibility for establishing and maintaining internal controls and that we have evaluatedthe effectiveness of the internal control systems of the company and we have disclosed to the auditorsand the audit committee, deficiencies in the design or operation of internal controls, if any, of which weare aware and the steps we have taken or propose to be take to rectify these deficiencies.

(d) We have indicated to the auditors and the audit committee:

(i) Significant changes in internal control during the year;

(ii) Significant changes in accounting policies during the year and that the same have been disclosedin the notes to the financial statements; and

(iii) Instances of significant fraud of which we have become aware and the involvement therein, if any,of the management or an employee having a significant role in the company’s internal controlsystem.

Sd/- Sd/-Place : New Delhi PANKAJ JAIN DR. M. R. JAINDated : 22nd May, 2010 Executive Director Chairman & Managing Director


17

AUDITORS’ REPORTToThe members ofPushpsons Industries Limited.

1. We have audited the attached Balance Sheet of Pushpsons Industries Limited, as at 31st March, 2010, the Profit and Loss Accountand also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibilityof the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on test basis, evidence supporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimates made by management, as well as evaluating theoverall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by Companies (Auditor’s Report) Order, 2003 as amended by the Companies (Auditor’s Report) (Amendment) Order2004, (together the’ Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the CompaniesAct, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we report that:(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for

the purposes of our audit;(ii) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our

examination of those books;(iii) The balance sheet, profit and loss account and cash flow statement dealt with by this report are in agreement with books of

account;(iv) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the

accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;(v) On the basis of written representations received from the directors, as on 31st March, 2010 and taken on record by the Board

of Directors, we report that none of the director is disqualified as on 31st March 2010 from being appointed as a director interms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give theinformation required by the Companies Act, 1956, and in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:(a) In case of the balance sheet, of the state of affairs of the Company as at 31st March, 2010.(b) In the case of the profit and loss account, of the loss for the year ended on that date and(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

FOR R. VERMA & ASSOCIATESCHARTERED ACCOUNTANTS

Registration Number 08026NSd/-

New Delhi (RAKESH VERMA)22nd May, 2010 Partner

Membership Number 83311Re. Pushpsons Industries LimitedReferred to in Paragraph 3 of our Report of even date.

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of FixedAssets.

(b) In our opinion, the management has physically verified the fixed assets during the year at reasonable intervals having regardto the size of the company and nature of its assets. No material discrepancy was noticed on such verification.

(c) In our opinion and according to the information and explanations to us, the Company has not disposed of a substantial partof its fixed assets during the year.

2. (a) As explained to us the inventories have been physically verified by the management at reasonable intervals during the year.(b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of

inventory followed by the management are reasonable and adequate in relation to the size of the company and nature ofits business.

(c) The Company has maintained proper records of inventory. According to the information and explanations given to us, nomaterial discrepancy was noticed on such verification.


18

3. (a) According to the information and explanations given to us, the Company has during the year not granted any loans, securedor unsecured to companies, firms, other parties covered in the register maintained under Section 301 of the Companies Act,1956. Accordingly, paragraph 4(iii)(a),(b),(c) and (d) of the Order, are not applicable.

(b) According to the information and explanations given to us, the Company has taken unsecured loan from two directors ofthe company, the amount outstanding as on 31st March, 2010 is Rs. 120.00 lacs.

(c) The loans are interest free and other terms and conditions of the loans taken by the company are not prima facie prejudicialto the interest of the company and there are no stipulations as to repayments.

4. In our opinion and according to the information and explanation given to us, there are adequate internal control procedurescommensurate with the size of the company and the nature of its business with regard to the purchases of inventory and fixedassets and for the sale of goods. There are no sale of services during the year. Further, on the basis of our examination andaccording to the information and explanations given to us, we have neither come across nor have any information of any instanceof major weakness in the internal controls systems.

5. In our opinion and according to the information and explanations given to us, the transactions that need to be entered in pursuanceof Section 301 of the Companies Act, 1956 have been entered, and the transactions have been made at prices, which arereasonable with regard to the prevailing market prices at the relevant time.

6. As the Company has not accepted any deposits from the public, paragraph 4(vi) of the Order is not applicable.7. In our opinion, the company has an Internal Audit System commensurate with its size and the nature of its business.8. The Central Government has not prescribed maintenance of cost records under section 209(1)(d) of the companies Act, 1956

in respect of activities carried on by the company. Hence the provisions of clause 4(viii) of the Companies (Auditor’s Report) Order,2003 are not applicable to the company.

9. (a) According to the information and explanations given to us, the company has been regular in depositing undisputed statutorydues including Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service tax and other statutory duesapplicable to it with appropriate authorities. According to the information and explanations given to us by the company, therewere no arrears of outstanding statutory dues as at 31st March, 2010 for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us, there are no dues of sales tax, income tax, service tax, exciseduty that have not been deposited with appropriate authorities on account of any dispute .

10. The company’s accumulated losses at the end of the financial year are less then fifty percent of its net worth and it has not incurredcash losses during the year and in the immediately preceding financial year.

11. The company has not defaulted in repayment of dues to bank.12. The company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other

securities.13. In our opinion, the company is not a chit fund, nidhi, mutual fund or a society. Therefore, the provisions of clause 4(xiii) of the

Companies (Auditors Report ) Order, 2003 (as amended) are not applicable to the Company.14. According to the information and explanations given to us, the company is not having dealing or trading in shares, securities,

debentures and other investments.15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others

from banks or financial institutions.16. The company has not taken any term loan during the year.17. According to the information and explanations given to us, the company has not raised any funds on short-term basis.18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under

section 301 of the Companies Act, 1956.19. The company has not issued any debentures.20. The company has not raised any money through a public issue during the year.21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements as per

the information and explanations given by the management , we report that no fraud on or by the company has been noticed orreported during the course of our audit.

For R. VERMA & ASSOCIATESCHARTERED ACCOUNTANTS

Registration Number 08026NSd/-

(RAKESH VERMA)New Delhi Partner22nd May, 2010 Membership Number 83311


19

Balance Sheet as at 31st March, 2010

As at As atSchedule 31.03.2010 31.03.2009

(Rupees) (Rupees)

SOURCES OF FUNDS

Shareholders’ FundsShare Capital A 52,705,000 52,705,000Reserves and Surplus B 2,575,630 2,575,630Loan FundsUnsecured Loans C 12,000,00 16,500,000

67,280,630 71,780,630APPLICATION OF FUNDS

Fixed AssetsGross Block D 48,195,114 51,678,895Less : Depreciation 14,534,567 15,210,002

Net Block 33,660,547 36,468,893

Current Assets, Loans and Advances E 10,825,502 9,872,086Less : Current Liabilities and Provisions F 3,109,734 3,635,777

Net Current Assets 7,715,768 6,236,309

Deferred Tax Assets (Refer Note No. 5 of Schedule H) 7,316,000 8,303,500Miscellaneous Expenditure G — 3,230,269(To the extent not written off or adjusted)Profit and Loss Accounts (Loss) 18,588,315 17,541,659

67,280,630 71,780,630

Significant Accounting Policies and Notes on Accounts H

As per our report of even date attachedFor and on behalf of the Board

Sd/-For R. Verma & Associates Dr. M. R. Jain Chairman & Managing DirectorChartered Accountants Pankaj Jain Executive Director

Dinesh Jain Wholetime DirectorSd/- R. N. Bansal Director

Rakesh Verma Vikram Prakash DirectorPartner

Membership No. 83311

New Delhi22nd May, 2010


20

Profit and Loss Account for the year ended 31st March, 2010

Year ended Year endedSchedule 31.03.2010 31.03.2009

(Rupees) (Rupees)

INCOME

Sales 34,693,617 33,691,611Other Income 1 4,871,495 3,181,406

39,565,112 36,873,017

EXPENDITURE

Materials 2 17,983,034 15,859,565Manufacturing expenses 3 10,545,168 8,842,765Salaries and other benefits to employees 4 3,150,431 3,258,530Administrative, Selling Expenses and Other Expenses 5 1,769,483 3,401,818Financial expenses 6 137,538 115,567Depreciation 1,382,192 5,834,772Loss on disposal / write off of Fixed Assets 1,426,153 348,311

36,393,999 37,661,328

Net Profit / (Loss) before Tax and Exceptional Items 3,171,113 (788,311)Public Issue Expenses Written Off (Refer Note No. 4 of Schedule H) 3,230,269 —Net Loss before Tax and after Exceptional Items (59,156) (788,311)Provision for Fringe Benefit Tax — 16,710Net Profit / (Loss) after Taxation (59,156) (805,021)Deferred Tax Adjustment (Refer Note No. 5 of Schedule H) 987,500 1,434,200Balance Brought Forward from Previous Year (17,541,659) (15,302,438)Net Loss carried to Balance sheet (18,588,315) (17,541,659)

Significant Accounting Policies and Notes on Accounts H





Membership No. 83311New Delhi22nd May, 2010


21

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2010

As at As at31.03.2010 31.03.2009

(Rupees) (Rupees)

A. CASH FLOW FROM OPERATING ACTIVITIESNET LOSS AS PER PROFIT AND LOSS ACCOUNT (59,156) (788,311)

ADJUSTMENT FOR 1,382,192 5,834,772DEPRECIATION 137,538 115,567FINANCE CHARGES PAID 1,426,153 348,311LOSS ON DISPOSALS / WRITE OFF OF FIXED ASSETS

MISCELLANEOUS EXPENDITURE WRITTEN OFF 3,230,269 –OPERATING PROFITS BEFORE WORKING CAPITAL CHANGES 6,116,996 5,510,339ADJUSTMENT FORTRADE RECEIVABLE (182,661) 1,184,794OTHER RECEIVABLE (230,107) 2,122,497INVENTORIES 1,526,779 2,344,443TRADE AND OTHER PAYABLE (526,043) (849,835)OPERATING PROFIT AFTER WORKING CAPITAL CHANGES (A) 6,704,964 10,312,238FRINGE BENEFIT TAX — (19,240)

FINANCE CHARGES PAID (137,538) (115,567)

NET CASH FROM OPERATING ACTIVITIES 6,567,426 10,177,431B. CASH FLOW FROM INVESTING ACTIVITIES

PURCHASE OF FIXED ASSETS — (116,799)SALE OF FIXED ASSETS — 150,000

NET CASH USED IN INVESTING ACTIVITIES (B) — 33,201

C. CASH FLOW FROM FINANCING ACTIVITIESINCREASE (DECREASE) IN SHORT TERM LOANS (4,500,000) (10,100,000)

NET CASH USED IN / FROM FINANCING ACTIVITIES (C) (4,500,000) (10,100,000)

NET CHANGE IN CASH AND ITS EQUIVALENTS (A+B+C) 2,067,426 110,632

OPENING BALANCE OF CASH AND ITS CASH EQUIVALENTS 1,292,881 1,182,249

CLOSING BALANCE OF CASH AND ITS CASH EQUIVALENTS 3,360,307 1,292,881








22

Schedules annexed to and forming part of the Balance Sheet

As at As at31.03.2010 31.03.2009

(Rupees) (Rupees)

SCHEDULE - A : SHARE CAPITAL

Authorised :7000000 Equity Shares of Rs. 10/- each 70,000,000 70,000,000

Issued :5890900 Equity Shares of Rs.10/- each 58,909,000 58,909,000

Subscribed and paid-up :4650100 Equity Shares of Rs.10/- each 46,501,000 46,501,000fully paid up

Add : 1240800 Equity Shares Forfeited (Paid up amount) 6,204,000 6,204,000

52,705,000 52,705,000

SCHEDULE - B : RESERVES AND SURPLUS

Capital Reserve 2,575,630 2,575,630(Production Incentive from Greater Noida Industrial DevelopmentAuthority for early commencement of production)

2,575,630 2,575,630

SCHEDULE - C : UNSECURED LOANS

(Interest free)Loans from Directors 12,000,000 16,500,000

12,000,000 16,500,000


23

SC

HE

DU

LE

- D

FIX

ED

AS

SE

TS

(AM

OU

NT

IN

RU

PE

ES

)

GR

OS

S B

LO

CK

DE

PR

EC

IAT

ION

NE

T B

LO

CK

As A

tAd

ditio

nsSa

le/

As A

tUp

toFo

r th

eW

ritte

nUp

toAs

At

As A

t01

.04.

2009

Adju

stm

ent

31.0

3.20

1031

.03.

2009

Year

Back

31.0

3.20

1031

.03.

2010

31.0

3.20

09

LAND

(LEA

SEHO

LD)

16,6

64,1

39—

—16

,664

,139

——

——

16,6

64,1

3916

,664

,139

BUIL

DING

16,7

68,0

10—

—16

,768

.010

6,42

5,97

656

0,05

2—

6,98

6,02

89,

781,

982

10,3

42,0

34

PLAN

T &

MAC

HINE

RY17

,490

,699

—3,

483,

781

14,0

06,9

188,

381,

704

765,

851

2,05

7,62

87,

089,

927

6,91

6,99

19,

108,

995

FURN

ITUR

E &

FITT

ING

S59

8,89

8—

—59

8,89

830

6,46

137

,910

—34

4,37

125

4,52

729

2,43

7

OFF

ICE

EQUI

PMEN

TS11

5,86

1—

—11

5,86

183

,493

14,4

57—

97,9

5017

,911

32,3

68

VEHI

CLES

41,2

88—

—41

,288

12,3

683,

922

—16

,290

24,9

9828

,920

TOTA

L51

,678

,895

—3,

483,

781

48,1

95,1

1415

,210

,002

1,38

2,19

32,

057,

628

14,5

34,5

6733

,660

,547

36,4

68,8

93

PREV

IOUS

YEA

R52

,690

,533

116,

799

1,12

8,43

751

,678

,895

10,0

05,3

565,

834,

772

630,

126

15,2

10,0

0236

,468

,893


24

As at As at31.03.2010 31.03.2009

(Rupees) (Rupees)

SCHEDULE - E : CURRENT ASSETS, LOANS AND ADVANCES

A. INVENTORIES(AS TAKEN, VALUED AND CERTIFIED BY MANAGEMENT)- RAW MATERIALS — —- FINISHED GOODS 191,108 1,602,518- WORK-IN-PROCESS 2,242,257 1,641,128- CONSUMABLES AND SPARES 263,989 980,487

2,697,354 4,224,133

B. SUNDRY DEBTORS(UNSECURED, CONSIDERED GOOD)- OUTSTANDING FOR A PERIOD EXCEEDING SIX MONTHS — —- OTHERS 2,610,794 2,428,133

2,610,794 2,428,133

C. CASH AND BANK BALANCESCASH-IN-HAND 342,755 318,864BALANCE BANKS IN CURRENT ACCOUNTS 996,964 974,017FIXED DEPOSITS WITH BANK 2,020,588 —

3,360,307 1,292,881

D. LOANS AND ADVANCES(UNSECURED, CONSIDERED GOOD)- ADVANCE RECOVERABLE IN CASH OR IN KIND OR 718,448 535,767 FOR VALUE TO BE RECEIVED- PREPAID EXPENSES 379,939 374,580- DEPOSIT WITH GOVERNMENT AUTHORITIES AND OTHERS 1,058,660 1,016,592

2,157,047 1,926,939

10,825,502 9,872,086

SCHEDULE - F : CURRENT LIABILITIES AND PROVISIONS

CURRENT LIABILITIESSUNDRY CREDITORS

- FOR MATERIALS 2,621,099 2,915,336- FOR EXPENSES 376,462 395,795- ADVANCE FROM CUSTOMERS 112,173 307,936

3,109,734 3,619,067- PROVISIONS FOR FRINGE BENEFIT TAX — 16,710

3,109,734 3,635,777

SCHEDULE - G : MISCELLANEOUS EXPENDITURE

(TO THE EXTENT NOT WRITTEN OFF OR ADJUSTED)PUBLIC ISSUE EXPENSES — 3,230,269

— 3,230,269


25

Schedules annexed to and forming part of Profit & Loss Account

Year Ended Year Ended31.03.2010 31.03.2009

(Rupees) (Rupees)

SCHEDULE - 1 : OTHER INCOME

EXPORT INCENTIVES 3,355,777 3,088,109

LICENCE SALES 1,297,124 —INTEREST ON FIXED DEPOSIT 84,861 —OTHER INCOME 133,733 93,297

4,871,495 3,181,406

SCHEDULE - 2 : MATERIALS CONSUMED

A. MATERIALS PURCHASE 17,172,753 13,829,014B. CHANGE IN STOCK

OPENING STOCKFINISHED GOODS 1,602,518 1,590,304WORK IN PROCESS 1,641,128 3,683,893

3,243,646 5,274,197

LESS : CLOSING STOCKFINISHED GOODS 191,108 1,602,518WORK IN PROCESS 2,242,257 1,641,128

2,433,365 3,243,646NET CHANGE

810,281 2,030,551

TOTAL (A+B) 17,983,034 15,859,565


26


(Rupees) (Rupees)

SCHEDULE - 3 : MANUFACTURING EXPENSES

CONSUMABLE STORES AND SPARES 2,180,657 1,423,510

ELECTRICITY AND WATER 733,253 688,830

FREIGHT AND CARTAGE 714,960 594,161

INSURANCE - PLANT & MACHINERY AND BUILDING 52,243 60,453

PACKING MATERIALS CONSUMED 861,344 576,706

REPAIRS AND MAINTENANCE - PLANT & MACHINERY 263,154 205,170

LABOUR CHARGES 3,341,277 2,915,994

SECURITY CHARGES 467,604 496,890

TESTING FEES 19,255 46,962

DYEING CHARGES 1,030,049 1,351,097

EMBROIDERY AND STITCHING CHARGES 881,372 482,992

10,545,168 8,842,765

SCHEDULE - 4 : SALARIES AND OTHER BENEFITS TO EMPLOYEES

SALARIES AND WAGES 2,493,815 2,651,497

PROVIDENT FUND AND OTHER FUNDS 139,592 149,608

STAFF WELFARE 517,024 457,425

3,150,431 3,258,530


27


(Rupees) (Rupees)

SCHEDULE - 5 : ADMINISTRATIVE, SELLING & OTHER EXPENSES

A.G.M. EXPENSES 34,282 30,285

ADVERTISEMENT AND STAFF RECRUITMENT 36,740 32,419

AUDITORS REMUNERATION 20,000 15,000

CONVEYANCE AND TRAVELLING 48,054 119,514

DIRECTOR'S SITTING FEES 22,000 24,000

EXHIBITION — 123,100

INSURANCE - OTHERS 47,812 18,880

LEASE RENT (LAND) 321,954 321,954

LEGAL AND PROFESSIONAL 153,067 134,549

LISTING FEES 16,545 16,625

MISCELLANEOUS 120,815 53,404

POSTAGE, COURIERS AND TELEPHONE 74,568 263,249

PRINTING AND STATIONARY 31,660 28,281

SUBSCRIPTION & MEMBERSHIP 2,250 5,000

BUSINESS PROMOTION 18,691 52,291

SHORT & EXCESS AND AMOUNT WRITTEN OFF — 1,135,230

SAMPLING, CLAIM, DISCOUNT AND COMMISSION 3,700 191,371

CLEARING & FORWARDING EXPENSES 817,345 836,666

1,769,483 3,401,818

SCHEDULE - 6 : FINANCIAL EXPENSES

INTEREST

- WORKING CAPITAL 3,111 261

- BANK CHARGES 134,427 115,306

137,538 115,567


28

SCHEDULE - H

SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2010

I. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of accounting:

1. The Company generally follows mercantile system of accounting and recognizes significant items of incomeand expenditure on accrual basis.

2. The Financial Statement has been prepared under the Historical Cost Convention, in accordance with thegenerally accepted accounting policies and the provisions of the Companies Act, 1956.

B. Fixed Assets, Depreciation and Impairment:

1. The Fixed Assets of the Company are stated at Cost comprising purchase price (net of rebates and discounts)and other costs which are directly attributable to bringing the asset to its working condition for the intendeduse.

2. Depreciation on Fixed Assets of the Company is provided on the basis of Straight Line Method in accordancewith Schedule XIV read with Section 205 (2) (b) of the Companies Act, 1956.

3. Consideration is given at each balance sheet date to determine whether there is any indication of impairmentof the carrying amount of the company’s fixed assets. If any indication exists, an asset’s recoverable amountis estimated. Impairment is recognised whenever the carrying amount of an asset exceeds its recoverableamount.

C. Conversion of Foreign Currency items:

All realizations/ payments of foreign currency are made on actual receipt / payment basis.

D. Inventory Valuation:

Inventories are valued at cost except finished goods and work in process. Finished Goods are valued at lowerof cost or Market value. Work- in- process is valued at estimated cost.

E. Sale:

Sales and exports are net of returns and rebates and booked on the basis of dispatches from the factory.

F. Taxation:

Income tax expense comprises current tax and deferred tax charge or credit. The deferred tax charge or creditis recognized using current tax rates. Where there is unabsorbed depreciation or carry forward losses,deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Other deferredtax assets are recognized only to the extent there is reasonable certainty of realization in future. Deferred taxassets/liabilities are reviewed as at each Balance Sheet date based on developments during the year.

G. Retirement Benefits:

Contribution to Provident Fund is accounted on accrual basis.

II. NOTES ON ACCOUNTS

1. In the opinion of the management Current Assets, Loans and Advances are of the value stated, if realizedin the ordinary course of business. The provision for all the known liabilities is adequate and not in excessof amount considered reasonably necessary.


29

2. The Cash Credit Limits from Indian Overseas Bank are secured by way of hypothecation of raw materials, workin progress, finished goods, and book debts and collateral security by equitable mortgage of factory land andbuilding of the Company and personal guarantee of three directors.

3. Gratuity to employees who leave the service is charged to profit and loss account in the year in which paymentis made.

4. Amortization of outstanding public issue expenses amounting of Rs. 32,30,269, deferred earlier have completelybeen written off during the year.

5. The tax effect of significant timing difference during the year that have resulted in Deferred Tax Assets andDeferred Tax Liabilities are given below:

Deferred Tax Assets As at 31st March, 2010 As at 31st March, 2009

Unabsorbed Depreciation 1,09,57,800 1,26,30,100

Total Deferred Tax Assets 1,09,57,800 1,26,30,100

Deferred Tax Liabilities

Depreciation Difference 36,41,800 43,26,600

Total Deferred Tax Liabilty 36,41,800 43,26,600

Net Deferred Tax Assets 73,16,000 83,03,500

6. Provision for Income tax has not been made, as the company does not expect any tax liability in view of broughtforward unabsorbed depreciation / Loss.

7. The Company has not received any information from “suppliers” regarding their status under the Micro, Smalland Medium Enterprises (Development) Act, 2006 and hence, disclosure, if any, relating to amounts unpaid asat 31st March 2010 together with interest paid / payable Micro Small and Medium Enterprises (Development) asrequired under the said Act have not been given.

8. The previous year’s figures have been re-worked, re-grouped and re-classified, wherever necessary. The figureshave been provided to the nearest of rupees.

9. Related Parties Disclosures :

A. Particulars of Associates Companies

Name of the Related Party Nature of Relationship

(i) Panipat Weaving & Processing Private Limited Associate Company

(ii) Pushpsons Fibrol Private Limited Associate Company

(iii) Pushpsons Balbro Private Limited Associate Company

(iv) Pushpsons International Associate Firm

B. Key Management Personnel

(i) Dr. M. R. Jain Chairman & Managing Director

(ii) Shri Pankaj Jain Executive Director

(iii) Shri Dinesh Jain Wholetime Director


30

C. Transactions with Associate Companies Amount in Rs. Lacs Amount in Rs. Lacs

(i) Purchase from the associate Firm A (iv) above 2.00 0.00

(ii) Sale to associate Firm A (iv) above 1.87 13.39

D. Details of Transactions relating to persons referred to inItem B - (ii), (iii) above

1. Unsecured Loans as at the end of the year 120.00 165.00

2. Sundry Creditors 2.84 2.84

10. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D and of the Schedule VI to theCompanies Act, 1956 (As Certified by the Management and relied by the Auditors).

I. LICENCED CAPACITY, INSTALLED CAPACITY AND ACTUAL PRODUCTION

ITEM UNIT LICENCED INSTALLED ACTUALCAPACITY CAPACITY PRODUCTION

Made ups Pieces Not Applicable Not Applicable 1,08,148

II. RAW MATERIALS, CHEMICALS AND STORES CONSUMED

2009-2010 2008-2009ITEM Quantity Value (Rs.) Quantity Value (Rs.)

A Fabric, 40297.07 Mtrs. 1,64,61,881 36767.33 Mtrs. 1,37,74,532Cotton Yarn 51561 Kgs. & 47194.30 Kgs. && Durries 81001 Pcs. 82661 Pcs.

B Others Made-ups 7,10,872 54,.482Purchase

TOTAL 1,71,72,753 1,38,29,014

III. PERCENTAGE OF MATERIALS CONSUMED

2009-2010 2008-2009RAW MATERIALS % Value (Rs.) % Value (Rs.)

Indigenous 100 1,71,72,753 100 1,38,29,014

IV. EXPENDITURE IN FOREIGN CURRENCY

2009-2010 2008-2009PARTICULARS Value (Rupees) Value (Rupees)

Commission on Exports Nil 1,55,886


31

V. EARNINGS IN FOREIGN CURRENCY2009-2010 2008-2009

PARTICULARS Value (Rupees) Value (Rupees)

FOB Value of Export 3,36,23,728 3,17,92,441

VI. SALES2009-2010 2008-2009

PARTICULARS Quantity Value (Rs.) Quantity Value (Rs.)

Fabrics (Meter) — — 4250 2,04,000

Carpet & Made-Ups (Pcs.) 26389 1,92,11,711 23,997 1,61,95,454

Durries (Pcs.) 81,317 1,54,81,907 89,351 1,72,92,157

3,46,93,618 3,36,91,611

VII. STOCK OF FINISHED GOODSOpening Stock Closing Stock

PARTICULARS Qty. (Pcs.) Value (Rs.) Qty. (Pcs.) Value (Rs.)

Fabrics & Durries 3,436 16,02,518 542 1,91,108








32

Balance Sheet Abstracts and Company’s General Business Profile

I. Registration Details

Registration No. 59950 Balance Sheet Date 31-03-2010State code 55

II. Capital raised during the year

Public Issue Nil Right Issue NilBonus Issue Nil Private Placement Nil

III. Position of Mobilisation and Deployment of Funds(Amount in Rs. Thousands)

Total Liablities 67,281 Total Assets 67,281

Sources of Funds Application of Funds

Paid up Capital 52,705 Net Fixed Assets 33,661Reserves & Surplus 2,576 Net Current Assets 7,716Secured Loans — Defered Tax Assets 7,316Unsecured Loans 12,000 Misc. Expenditure —

Profit & Loss A/c 18,588IV. Performance of the Company

(Amount in Rs. Thousands)Turnover 34,694 Total Expenditure 36,390Other Incomes 4,868Profit / Loss before Tax 3,172 Profit after Tax (59)Earning per share NIL Dividend Rate NIL

V. Generic Names of principal product of the Company

Product description Durries, Made ups& Carpets







ATTENDANCE SLIP

PROXY FORM

Please affixRupees 1RevenueStamp

PUSHPSONS INDUSTRIES LIMITEDRegistered Office : B-40, Okhla Industrial Area, Phase-I, New Delhi - 110 020

L. F. No.

No. of Shares Held

I / We hereby record my / our presence at the 16th Annual General Meeting of the Company on Wednesday,August 4th, 2010 at 10.00 a.m. at 439, Village Shahoorpur, P. O. Fatehpur Beri, New Delhi-110074.

NAME OF THE SHAREHOLDER(IN BLOCK LETTERS)

SIGNATURE OF THE SHAREHOLDER

NAME OF THE PROXY(IN BLOCK LETTERS)

SIGNATURE OF THE PROXY

NOTES :

1. You are requested to sign and hand over the slip at the entrance.

2. If you intend to appoint a proxy to attend the meeting instead of yourself, duly filled proxy form mustbe deposited at the registered office of the Company at least 48 hours before the time fixed forholding the meeting.

3. Proxy need not be member of the Company. Tear Here

PUSHPSONS INDUSTRIES LIMITEDRegistered Office : B-40, Okhla Industrial Area, Phase-I, New Delhi - 110 020

L. F. No.

No. of Shares Held

I / We.........................................................................................of...............................................................................................................................................................................................being a member / members ofPUSHPSONS INDUSTRIES LIMITED hereby appoint....................................................................................of.......................................................................................................................................................................as my / our proxy to vote for me / us on my / our behalf at the 16th Annual General Meeting of the Companyto be held on Wednesday, August 4th, 2010 at 10.00 a.m. at 439, Village Shahoorpur, P. O. Fatehpur Beri,New Delhi-110074 or any adjournment thereof.

Signature...............................

Signed this..............................day of..............................2010.

BO

OK

PO

ST

If undelivered, please returnn to :

Pu

shp

son

s Ind

ustries L

imited

B-40, O

khla Industrial Area, P

hase-IN

ew D

elhi-110

020

Documents

PIL - bseindia.com · PUSHPSONS INDUSTRIES LIMITED 3 NOTICE Notice is hereby given that 16th Annual General Meeting of the members of Pushpsons Industries Limited will be held on